By 
World Liberty Financial, a crypto venture linked to former U.S. President Donald Trump, has disclosed that its subsidiary has applied for a national trust bank charter to support the issuance and custody of stablecoins.
According to the company, WLTC Holdings has submitted a de novo application to the Office of the Comptroller of the Currency (OCC) to establish a national trust bank designed specifically for stablecoin-related operations.
If approved, the charter would allow the proposed trust bank to issue and custody USD1, a dollar-backed stablecoin launched by World Liberty last year, which the company says now has more than $3.3 billion in circulation.
The trust company plans to focus on institutional clients, including cryptocurrency exchanges, market makers and investment firms. In addition to stablecoin issuance and custody, WLTC intends to provide digital asset custody services and stablecoin conversion capabilities, enabling holders of other stablecoins to transition into USD1.
World Liberty Financial was launched in 2024 by President Trump’s three sons, with Trump listed as “co-founder emeritus.” According to the Financial Times, the former president reported personal income of $57.3 million from the venture in 2024.
The move to secure a bank charter follows recent regulatory developments in the U.S. crypto sector. At the end of last year, the OCC conditionally approved national trust bank charters for five crypto-focused firms, including Ripple.
Commenting on the application, Zach Witkoff, proposed president and chairman of World Liberty Trust Company, said institutional adoption of USD1 is already underway.
“Institutions are already using USD1 for cross-border payments, settlement and treasury operations,” Witkoff said. “A national trust charter will enable us to bring issuance, custody and conversion together as a full-stack offering under a single, highly regulated entity.”
Comments